Financial accounting is the art of identifying , measuring recording ,classifying ,analysing and communicating the information to the required users . It can also be termed as IMRCAC. It is a complete process in which we maintain a records of what transaction happens for how much amount and then we used to analyses it and calculate the profits. In this process the first step includes the identifying the transaction whether it is a business transaction or not ,after that we used to find out that the transaction are in monetary terms or not accounting does not record the non-monetary transactions after measurement we used to record that in the book which is known as journal entry or book of first entry because every transaction first happens is recorded in this book only after that we used to transfer them to their particular ledgers and we find out the balances for that accounts and post them to trial balance which helps us to prepare our financial statements which are necessary to cal...